The Fairmont Hamilton Princess has been sold to the Green family — the same people behind the Waterloo House office complex.A statement today said: “Global Hospitality Investments (GHI) is pleased today to announce the sale of The Fairmont Hamilton Princess to Peter Green and his sons Alexander Green and Andrew Green.GHI acquired the hotel five years ago and has spent over $25 million in refurbishments to enhance its position as Bermuda’s preeminent hotel.“The Green Family is a natural owner for The Fairmont Hamilton Princess and the ideal fiduciary to bring its full potential to fruition.” says Laurent Poole, CEO of Global Hospitality Investments. “They are clearly knowledgeable about and committed to Bermuda while also possessing international acumen.”Mr. Poole added: “We have had a great experience owning The Fairmont Hamilton Princess and will continue future investment activities in Bermuda.”The Green family will invest a minimum of $50 million to enhance the property and will continue the development plans started by GHI, which include building a marina, upgrading rooms, redeveloping the hotel’s public spaces including the pools, gardens and restaurant to increase the property’s leisure credentials, while maintaining its existing appeal to business travellers.Alexander Green, on behalf of the Green family, says: “Taking ownership of such a prominent and historic landmark in Bermuda is a dream come true for our family and we are excited about expanding its contribution to the local economy. We are developing a long-term investment plan for The Fairmont Hamilton Princess informed by our extensive knowledge of the island based on our family being based here for 65 years.”Andrew Green, on behalf of the Green family, says: “While the hotel has traditionally attracted business visitors, we believe that there is great potential to increase the leisure side of the business through enhancements to the hotel’s leisure facilities. The hotel has a superb team of management and staff in place, some of whom have devoted as many as 40 years of their lives to its success. We look forward to continuing the good work that GHI has done with plans to upgrade the hotel on an ongoing basis. This further investment in Bermuda continues to show our dedication to the Island and our unshakeable faith in its long term prospects.”Wayne Furbert, Minister of Business Development and Tourism, said: “It is exciting to have The Fairmont Hamilton Princess return to Bermudian ownership and we believe that the Green family’s investment in one of the island’s foremost landmarks is a mark of confidence in Bermuda and the future of the island’s tourism industry. The family’s international experience as an investor in one of London’s top hotel groups will be of great benefit to the hotel and to the Island.”Alexander Green adds: “We would like to thank the Government for their help in enabling us to complete the deal so quickly. We would also like to extend our appreciation to GHI and the respective legal and support teams for their assistance. We very much look forward to working with Len and the team at The Fairmont Hamilton Princess.”The Green family also owns Overbay and the Waterloo House development of luxury commercial and residential accommodations on Pitt’s Bay Road, which passed the halfway point to completion this summer. Over 90 percent of the commercial space within the property has been rented out, some of it to companies that are new to Bermuda, and the residential penthouse apartments will be released onto the market this Fall.